Why The Stock Market Is Diving Today

From Nomura, here's the general thinking about why markets are
diving this morning everywhere:

It seems that the negative sentiment was sparked by news that IMF
requires further austerity measures in Portugal, weaker earnings
including Apple and Amazon and the S&P downgrade of
France’s biggest banks. The agency cut three institutions –
including BNP Paribas (from AA- to A+) - and lowered its
outlook on 12 others, including Credit Agricole and Societe Generale
citing increased economic risks. Note that S&P also cut its
French GDP forecasts to close to zero in 2013-14 and revised its
economic risk score on the sovereign from 2 to 3. This is similar
to Nomura’s house view.